PENSION scandals, awful savings rates and slumping stock markets have convinced an ever-growing number of people to invest in bricks and mortar for their retirement.

The boom in house prices and the cheapest mortgages for decades has tempted many to invest in property instead, either by buying the biggest home they can afford, or buying one or more homes to let.

No fewer than one in 20 mortgages are now going to aspiring amateur landlords. A survey by the Pru reveals that one in four plan to rely on property to provide a retirement income.

But how does it stack up against a pension? You could have bought the average home 20 years ago for #31,000 and if you sold it today it would be worth #134,000 - enough indeed to give you a pension for life of #195 a week at 65. The mortgage would have cost you about #288 a month on average.

But had you invested that in a pension plan instead it would now be worth #233,000 after tax relief. That would buy you a pension today of #339 a week - leaving you #144 a week better off.

If you had let the property, hopefully you'd have enjoyed a rental income big enough to cover the mortgage and maintenance costs and, when you came to sell, pocket a packet on top.

But against that you'd have to pay capital gains tax on the sale.

So, what of the future? Legal & General's Andrew Clare, says: "While property prices have risen significantly over the past 10 years, we believe that over the next 10 years shares will be the better performer.

"We expect equities to provide a real return for investors of around five to six per cent per annum on average in the future. We only expect average real residential property prices to increase in line with trend economic growth of around 2.25 per cent per annum over the same period."

Amazingly many people seem to be relying on the National Lottery to keep them in old age.

According to Legal & General a quarter of all adults spend more on the Lottery than they do on life and pension contributions. That's really scary, especially at a time when millions of today's pensioners are having to rely on means-tested benefits because they failed or were unable to save enough for their retirement.

The stock market crash and the scandal stories surrounding pensions have naturally worried savers. But, in reality, even the worst performing with-profits pension plan has outperformed the housing market. And they are likely to do as well in the future, because today's stakeholder plans have a ceiling on charges of not more than one per cent.

Mirror reader Suzanne Hughes, 38, hopes to retire at 60. But the accounts worker from Bromborough, Cheshire, won't be relying on her house for her pension. She bought her home for #50,000 two years ago and the mortgage takes a big slice of her income.

She contributed to a personal pension plan for six years before joining her employer's final salary pension scheme four years ago.

"I know that it won't be sufficient for a comfortable retirement," said Suzanne. "But I hope to be able to start making extra contributions from the new year."

MIRROR MONEY ADVICE: If your employer offers a pension scheme to which he also contributes, join it now. Do buy your own home, but leave property investment to the professionals.